Conventional Lathe Machine Market Report | 2023-2028

[Report Research] The conventional lathe machine market size is expected to grow from US$ 0.949 billion in 2023 to US$ 1.473 billion by 2028; it is estimated to grow at a CAGR of 9.2% from 2023 to 2028.

Analyst Perspective

The growing production and sales of automotive vehicles worldwide is raising the demand for conventional lathe machines as they help in the production of automobile parts such as disc brakes and engine parts. In 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA) statistics, 85.01 million units of vehicles were produced worldwide. Further, it is also seen that the demand for electric vehicles is increasing worldwide. According to the International Energy Agency (IEA), in 2022, more than 10 million electric cars were sold worldwide. Thus, the increase in production and sales of vehicles is fueling the market growth. Similarly, the rise in oil exploration activities is boosting the demand for conventional lathe machines as they help in the production of metallic pieces, engine shafts, sucker rods, and other oil exploration components for quick replacement in the oil field. Hence, the growing oil & gas industry is boosting the growth of the conventional lathe machine market. Knuth Werkzeugmaschinen GmbH, Colchester Machine Tool Solutions Ltd, Summit Machine Tool LLC, L&L Machinery Industry Co Ltd, and Metalurgica Torrent SA are some of the key players operating in the conventional lathe machine market. The global conventional lathe machine market is highly fragmented in nature due to presence of large, small, and medium players, at regional and local level for addressing the local demand. Hence, we have derived this listing of “Key Five Players” in the global conventional lathe machine by giving weightage to following key parameters: overall revenue, segmental revenue, brand image & industry experience, current conventional lathe machine portfolio, innovative and advanced technology integration, customer base, geographical reach, new product launches, partnerships, and other market related activities.

Market Overview

The conventional lathe machine is used for holding and turning different types of materials such as metal, wood, plastic, and other composite materials against a cutting tool to give the required shape to an object. The machine consists of workpiece, chuck, tool post, single-point cutting tool, and many other parts which help perform various operations, such as turning and cutting. Conventional lathe machines are used to create several wooden objects such as wooden furniture and sports goods.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Conventional Lathe Machine Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Market Driver

Growing Oil & Gas Industry to Drive Growth of Conventional Lathe Machine Market

In the oil & gas industry, various components such as metallic pieces, engine shafts, sucker rods, stanchions, bolts, and nuts are used in oil drilling and exploration. Here, the lathe machine is used for the production of the above components for quick replacements if there is any equipment damage at the oil field while exploration. In addition, in oil fields, there is often a breakdown of piping systems causing machine tool manufacturers to work strategically to deal with this problem. Here, conventional lathes are used to handle very large diameter pipes as those in the drilling and conveyance sections. The constant need to repair and maintain piping and conveyance systems is increasing the demand for conventional lathe machines across oil fields. Furthermore, the growing oil exploration industry is fueling the market's growth. In May 2022, Abu Dhabi National Oil Company (ADNOC) announced three oil discoveries, including one at Bu Hasa, Abu Dhabi’s largest onshore field. This discovery includes 500 million barrels of oil from an exploration well in the field. The second discovery was in Abu Dhabi’s Onshore Block 3, with ~100 million barrels of oil. The third discovery was made in the Al Dhafra Petroleum Concession. Approximately 50 million barrels of light and sweet Murban-quality crude were found. In addition, various new refineries are being constructed in the Gulf, increasing the need for conventional lathe machines to design oil country tubular goods (OCTG) products, tubing, and piping. For example, Al Zour New Refinery in Kuwait is a US$ 16 billion project by Kuwait Integrated Petroleum Industries Co (KIPIC) and is designed to process heavy crudes and has three crude distillation units (CDU). The operations of the first CDU started in November 2022, and the second CDU is expected to begin its operation in the second quarter of 2023. Another one is Abu Dhabi National Oil Company’s (ADNOC’s) Crude Flexibility Project, for which an investment of US$ 3.5 billion was made to enhance the processing capabilities of ADNOC’s refinery in Ruwais. Once operational, the project will allow to refine up to 420,000 barrels per day (b/d) of heavier and sourer grades of crude. Also, Oman’s Duqm Refinery project, one of the largest refining and petrochemical projects, is expected to start operations by the end of 2023. The project is a 50–50 joint venture between state-owned Oman’s OQ Group and Kuwait Petroleum International (KPI). Once operational, the refinery will increase the country’s refining capacity by refining 230,000 barrels of crude oil products per day. Thus, the growing oil & gas industry is expected to fuel the growth of the conventional lathe machine market.

Segmental Analysis

Based on spindle orientation, the conventional lathe machine market is bifurcated into horizontal and vertical. The horizontal segment is expected to dominate the conventional lathe machine market in 2023. A horizontal lathe is a tool that is designed to cut and shape revolving steel or wood workpieces. The spindle of the horizontal lathe is on the left side of the machine tool and flatbed. Also, the workpiece of the horizontal lathe is clamped on the chuck, helping it to transfer the load to the main shaft, which is borne by the front and rear main bearings. This makes the horizontal lathe more convenient for observation and operation, and a suitable option for processing small and medium-sized wheel discs and shaft parts.

Regional Analysis

The conventional lathe machine market in Asia Pacific was valued at US$ 361.69 million in 2022 and is projected to reach US$ 642.18 million by 2028; it is expected to grow at a CAGR of 10.6% from 2022 to 2028. The conventional lathe machine market in Asia Pacific (APAC) is segmented into China, India, Japan, Australia, South Korea, Taiwan, Vietnam, and the Rest of APAC. Asia Pacific is one of the biggest producers of general machinery, which includes machines such as engines, compressors, fans, pumps, and electric motors, for different industries, including agricultural, industrial, manufacturing, and others. To further expand the production of the above machinery, governments of various countries are taking different initiatives to expand their manufacturing sector. For example, the government of India introduced Goods and Services Tax, interventions to improve ease of doing business, reduction in corporate tax, FDI policy reforms, policy measures to boost domestic manufacturing through public procurement orders, measures for reduction in compliance burden, Phased Manufacturing Program (PMP), and many other initiatives. Thus, such growing initiatives can boost the need for conventional lathe machines as they are used to process different parts of the above general machinery.

Furthermore, Asia Pacific is the biggest producer of automobiles. According to the OICA, in 2022, the region produced ~50.02 million motor vehicles, which account for approximately 60% of the total motor vehicles produced worldwide. Out of this, ~54%, i.e., 27.02 million motor vehicles, are produced in China. In addition, the growing inclination and awareness among the people toward electric vehicles are increasing their production in the region. According to the International Energy Agency (IEA), in 2021, out of the electric vehicle (EV) sales across the world, China accounted for half of the total growth. Furthermore, ~3.3 million EVs were sold in China in 2021, which was more than the total EV sales in the world in 2020. Hence, the growing automotive industry in the region is raising the demand for conventional lathe machines as it is used in the production of different automotive parts, including brakes, engine parts, and other components. Thus, all the above factors are fueling the growth of the conventional lathe machine market in APAC.

Key Player Analysis

The conventional lathe machine market analysis consists of the players such as Myday Machinery Inc.; Romi Machine Tools, Ltd.; Colchester Machine Tools Solutions; Pinacho; KNUTH Werkzeugmaschinen GmbH; OPTIMUM MASCHINEN; WINHO TECHNOLOGY INDUSTRIAL CO., LTD.; COMEV S.P.A.; ITAMA; CNC-TAKANG CO., LTD.; GDW Werkzeugmaschinen GmbH; Summit Machine Tool; L and L Machinery Industry Co., Ltd.; International Machinery, Co; and Annn Yang. Among the players in the conventional lathe machine Romi Machine Tools, Ltd. and ITAMA are the top two players owing to the diversified product portfolio offered.

Conventional Lathe Machine Market Regional Insights

The regional trends and factors influencing the Conventional Lathe Machine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Conventional Lathe Machine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Conventional Lathe Machine Market Report Scope

Conventional Lathe Machine Market Players Density: Understanding Its Impact on Business Dynamics

The Conventional Lathe Machine Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Conventional Lathe Machine Market are:

1. Myday Machinery Inc
2. Romi Machine Tools Ltd
3. Colchester Machine Tool Solutions Ltd
4. Metalurgica Torrent SA
5. Knuth Werkzeugmaschinen GmbH

Disclaimer: The companies listed above are not ranked in any particular order.

Recent Developments

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the conventional lathe machine market. A few recent key market developments are listed below: 

• In 2022, TJM Capital, a private equity investment firm specializing in lower and middle-market growth businesses, successfully acquired the Machine Tool Solutions Division of the UK's 600 Group. As part of this acquisition, TJM Capital has gained ownership of Colchester Machine Tool Solutions, a company with offices in the UK, Germany, and Australia, and Clausing Industrial, based in Michigan, US. This strategic move by TJM Capital allows it to expand its portfolio and further strengthen its presence in the machine tool industry. The acquisition presents new opportunities for growth and development within the sector.
• In 2021, Romi USA recently formed a strategic partnership with United Precision Services (UPS), based in Cincinnati, Ohio. This exclusive distribution agreement grants UPS the sole rights to distribute Romi's extensive range of heavy-duty horizontal and vertical lathes throughout the United States and Canada. As part of their services, UPS boasts a fully functional showroom and provides comprehensive turn-key machining solutions to their customers. This collaboration is expected to strengthen Romi's presence in the North American market and expand the reach of its high-quality CNC lathe products.
• In 2022, Romi has launched the C 1100H heavy-duty flatbed lathe, designed for machining large parts. It features a monoblock cast iron bed for enhanced rigidity and accuracy. The lathe also includes a cast iron headstock with Timken bearings, a coolant and lubricating system with sensors, and a high torque AC motor for efficient operation.